Quote:
Originally posted by Lawyerssuck
What you guys have to realize is no judge is going to let one company put another company out of business. Ibill went to court last week and got an injunction. First data might be able to hold some extra money but not all of Ibills money.
According to the news release Ibill has already been in talks with another processor. When they go to court they will tell the judge they have another processor and the judge will set a date on when First data can cut them off for good.
I would not be to worried about this situation.
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What you are missing is that when a processor of that size starts running all charges through another bank the initial bank has a huge risk of fines, chargebacks, and refunds. Yes, it is probably a damn good chance that Ibill will never see another dime from First Data in a long ass time, if ever.
Think about it for 2 seconds. First Data will no longer have new charges being credited to them to help float the chargebacks etc and will of course hold all funds until everything is settled.
I think Rick is on to something as much as I'd like to believe otherwise.
Sometimes you have to open your eyes and look right in front of your face. Dig up the old Globill threads if you don't know what I'm talking about.
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